Japan’s top energy company to increase Petrolimex stake

Feb 26, 2021Updated Jun 4, 20251 min read

Japanese oil giant ENEOS Corporation has registered to buy 25 million shares of fuel distributor Petrolimex on the Ho Chi Minh Stock Exchange.

The transaction, to be completed in March, if successful, will see ENEOS increase its stake in Petrolimex to 2.94 percent. It had acquired a 1 percent stake last September.

Petrolimex’s PLX shares closed at VND57,300 on February 24, and at this price the deal will cost ENEOS around VND1.4 trillion ($62 million).

The company’s subsidiary, JX Nippon Oil & Energy Vietnam Consulting and Holdings Company Limited, owns another 8 percent stake in Petrolimex.

ENEOS is the largest oil company in Japan with a 47 percent market share.

In 2020, due to the impact of Covid-19, Petrolimex saw revenues fall 34.5 percent to VND123.9 trillion. Its net profit was VND1.2 trillion, a 73.6 percent fall.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox